When choosing an executor for your estate you will want someone you can trust. Can they communicate with the family and understand the financial tasks. Can you explain some of the duties to them.
Probating the will, getting federal tax number for the estate, and hiring an attorney if need be.
Locating and listing all of the estate's assets. Where is the all property, life insurance policies, and bank accounts.
Valueing the assets. Appraisals for jewelry, art, real estate and business interests.
Identify which assets will pass through probate, and which can go directly to the beneficiaries.
Identifying and collecting assets owed to the estate before death occurred.
Identifying and paying any debts owed by the estate.
Arranging for living expenses for dependent survivors.
Paying all court and administrative fees.
Filing a final personal income tax return, the estate's federal and state income tax return,
Distributing remaining assets to the designated heirs.
Closing out the estate to the satisfaction of the court.
This is an over simplified list of critical estate executors tasks. This is shown to provide the viewer with an understanding of the complexity, and the time investment required in handling an estate. Home Care Path www.homecarepath.com encourages seniors to consult with a reputable lawyer during the process of selecting an estate executor.
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